US commercial crude oil inventories fell by 900,000 barrels in the week ending October 30, leaving stockpiles 4% below the five-year average. Total products supplied, a proxy for demand, averaged 4.2% above the same period last year over four weeks, while crude futures traded lower.
US crude oil inventories decreased by 900,000 barrels during the week ending October 30, according to the U.S. Energy Information Administration (EIA). The draw brings commercial stockpiles to 409.8 million barrels, 4% below the five-year average for this time of year.
Total commercial petroleum inventories slipped by 8.2 million barrels over the same period. The EIA release followed API figures a day earlier, which reported that crude inventories had fallen by 5.267 million barrels.
WTI and Brent trade lower
Crude futures were trading down at 10:09 a.m. in New York. WTI was down $2.79 per barrel (-2.90%) at $93.30, nearly $9 per barrel lower than at this time last week.
Brent futures traded at $100.71 per barrel, down $2.89 (-2.79%) on the day. That is roughly $15 per barrel below the level of the same time last week.
Fuel stocks drop and demand holds
Gasoline inventories decreased by 200,000 barrels, after growing by 3.9 million barrels the week before. Average daily gasoline production increased to 9.7 million barrels.
Middle distillate inventories fell by 3.6 million barrels, with production decreasing to an average of 5.2 million barrels daily. Distillate stocks now sit 13% below the five-year average.
Total products supplied jumped to a four-week average of 21.2 million barrels per day, up 4.2% from the same period last year. Distillate supplied averaged 4.2 million barrels per day over four weeks, up 8.7% year over year.
Source: Oilprice.com
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